Del Frisco's agrees to be bought out in a $650 million deal by L Catterton
Del Frisco's Restaurant Group Inc. announced Monday a deal to be acquired by private-equity firm L Catterton in a cash deal valued at $650 million. Under terms of the deal, Del Frisco's shareholders will receive $8 for each share Del Frisco's share they own, which represents a 19% premium to Friday's closing price of $6.73. Del Frisco's stock was indicated up over 4% prior to a trading halt for news. Del Frisco's had said in December it was reviewing strategic alternatives. The deal with L Catterton is expected to be completed by the fourth quarter of 2019. "This transaction offers immediate liquidity at a significant premium for our stockholders while providing the best path forward for our Del Frisco's brands, our employees, and loyal guests," said Del Frisco's Chairman Ian Carter. The stock has dropped 50% over the past 12 months, while the Dow Jones Industrial Average has gained 8.7%.
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